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to the world economy. >> at the summit the g8 leaders issued a cautious assessment of the global economy. in a statement, the g8 warned that, quote, global economic prospects remain weak. though downside risks have reduced thanks in part to significant policy actions taken, unquote. in the u.s., the euro zone and japan. they depicted 2014 as a quote unquote difficult one with the euro zone in recession and the american economy still hampered by high unemployment. china did not participate in the discussions since china is not a member of the g8 although japan, its neighbor, is. >> why are the economies around the world slowing down. >> because the economies around the world have accumulated too much debt and they don't know how to get the economies moving again. china's growth rate is down to 6 or 5%. no one knows where it's going. exports within the european community are dropping all over the place. virtually every european country -- look at the unemployment rate in spain. it's 26%. you look at italy, france and spain, they're all cass -- basket cases. they have a debt to retail. just
and breaking the news, the stories behind the headlines. if the economy is getting better, why did wall street have the worst day of the year and the walls, exclusive the man that co-founded apple with steve jobs, his interview tonight on a segway, a machine that nearly killed me once. we'll get around to talking about why. i want him to talk about the new upcoming jobs movie. >> nobody wants to buy a computer, nobody. >> how did somebody know what they want if they have never even seen it? >> also, government snooping taking us back to the days of the cold war soviet union. >> i want to begin on the tragic death of james gandolfini yesterday. we're learning more about the moments of his family found him in his hotel room last night. dan is live in rome with more. dan, what is the latest? >> reporter: well, we've been piecing together the tragic final minutes of james gandolfini's life. we know that he arrived at the hospital at 10:40 p.m. having been rushed in found collapsed in his hotel room in a five-star hotel here in central rome. we know he was traveling with his 13-year-old son. there
. and the double hit of the weak chinese economy and also the fed's tapering continue to weigh on this sector. back to you. >> thanks for that. let's recap what happened in the u.s. as well. selling off for a second day. dow, s&p 500 suffering their worst day of the year. dow down 254 points. highest one day percentage drop since last november. all 30 components down with 29 of the 30 dropping more than 1%. s&p had its worst one day percentage drop since november as well. november 2011, i should say. all ten s&p sectors were down more than 2%. 96% of the stocks listed on the benchmark index ended in the red. the vix, the markets fair gauged up more than 23% to its highest close since december. joining us for more, charles steeple, head of market strategy at lloyd's bank with us for the best part of the first hour today. good to see you. it's been described as sort of a big unwind of leverage. the thing that's striking about this, of course, actually what was the hedge yesterday that paid off? maybe if you were long in the vix. otherwise you were pretty much whammied. >> yeah. i mean, it's -- heads
. a lot of times cbo's estimates change because actual economic facts change. the economy's getting better, employment is going up, they'll revise their numbers accordingly. that's fair. the only thing i want to say is of course predictions become correct. we have to agree on who's in charge of predicting before we make a decision. >> of course, predictions are not always right, but the key fact of the cbo report is that it scored this immigration bill extraordinarily high and it will be extremely helpful to the american economy. >> right. >> this will be valuable for all of us. so do you think that this cbo report will change or help the impact -- will change the immigration debate or will people who are against it still say, well, i don't believe it. i don't care about what that says? >> well, i think it does change things for the better if you're in favor of immigration reform, which i am. we proponents of immigration reform are always sort of saying in a generic way, this is good for the economy. you bring in talented people. you bring in ambitious people, people who want to work, stay
gave a mostly positive review of the economy, but also in there was a warning that cheap borrowing may be coming to an end. that was the backdrop. and today the people who buy and sell stocks for a living chose to sell. and the numbers went down in a moment. we'll talk about how a lot of homeowners are watching this closely. first, however, let's go to where the damage was done. maria bartiromo on the floor of the stock exchange in new york. good evening. >> good evening to you. at this point everybody has gone home at the new york stock exchange. but it was quite the scene today as the market was plummeting. and today's 350-point sell-off comes on top of yesterday's 200-point sell-off as the federal reserve suggested the winding down of the stimulus may very well happen beginning at the end of this year. so why is that such a bad thing? basically, people are focusing on the fact that once the stimulus goes away, interest rates will begin to creep up, and that will take money out of the stock market and into fixed income, into bonds. why would i keep my money in the stock market, which
about cutting back on the fed stimulus program which basically has been pumping money into the economy to keep interest rates low. that's helped prices for a lot of things, real estate, stocks included. we're now on round three of what i call, you know, pumping money into the economy. they call it quantitative easing. with their noses in the air. each of the new rounds has caused stocks to move higher. starting later this year, the fed will take the drugs away and may cut the addicts off entirely next year. ben white, chief economic correspondent for politico. ben, thank you. so people -- he comes out and says things are getting better. >> and the stock market tanks. >> you say what's wrong with these crazy people on wall street? americans say -- 44% of americans say they're worse off than they were a year ago. >> i think what it means for people who have a house who might want to refinance it, they should probably do it, because interest rates will go higher if the fed stops doing all this drug giving to the economy. so if you're going to refinance, do it now. if you're looking at a n
to improve our economy just doesn't work. >> my job isn't to try to impose my will. >> i call him president barack onixon. >> your street cred collapses. >> this guy was the great hope. he was the tea party senator. >> god bless the tea party. >> i was a stranger and you welcomed me. and these are not strangers. >> you need to take every one of those irs agents and put them on our southern border. >> i didn't come here to be speak irbecause i needed a fancy title and a big us a. >>> good afternoon. the markets have just wrapped up a dramatic sell-off. the dow closed down some 300-plus points on news that the chairman of the federal reserve, ben bernanke, is hinting that they will be winding down the stimulus of the economy through its bond-buying program. we'll have more on that later in the broadcast. but first, more than 11 million lives hang in the balance. the veritable nation within a nation, as a bipartisan group of senators reach a deal to strengthen border security in the senate's immigration bill. it is a break-through that could pave the way for republican senators to support a pa
, dana, you would think maybe he would talk about the global economy because, you know, germany's still very much struggling with its economy. it's so much tied to the united states. why not talk about that? >> well, it's hard to imagine it's not going to be at a least implicit in his speech. but one of the things that people may not know about president obama is that when he was here in the capital, when he was senator obama, that issue, the nuclear issue, was something on the top of his priority list. in fact, when he was campaigning in 2008 and making the point when he got to the general election that he could work across the aisle with republicans. one of the examples he could give is working with former indiana republican on the nuclear issue. that they even traveled together on it. this is actually something, he wasn't here very long as a senator. he didn't even finish his first term, but this is something when he was here briefly he did focus on. the other quick thing i want to point out, gloria talking about the big crowd of 2008 and the much smaller crowd here now that he's pre
for us in germany and in europe of which would be a great project between the two largest economies in the world is the free trade agreement. i am very glad we started to talk about this. i want to say for the german side that we are committed to it. both economies will benefit from it and it would also add nursemaid to the global world -- nourishment to the global world. >> obama made his speech in front of us liked crowd of vips and students. he remains better liked than many foreign leaders. or than 80% of germans say they approve of his policies. >> a former university professor from the u.s. has been arrested days after making the fbi's 10 most wanted list. childfacing charges of exploitation and traveling to the philippines to have underage sex. the 64-year-old was arrested on the caribbean coast. fashion designers dolce and gabbana have been found guilty of tax evasion in italy. a court gave the two men and a suspended jail sentence and a fine for hundreds of millions of dollars -- for hiding hundreds of millions of dollars from tax authorities. italy, tax evasion never goes
's not because of gas prices. aaa cites instead the sluggish economy and says people are just taking less time off. >>> microsoft reverses course on its new xbox one game console. users will now be able to play games offline without having to be connected to the internet. thaibl able to lend and sell used games. the xbox one goes on sale for $499. >>> and there could be more red arrows today on wall street after markets got slammed wednesday following comments by ben bernanke that the federal reserve may soon start scaling back its economic stimulus programs. if the economy keeps improving. but bernanke says that doesn't mean an interest rate hike is imminent. richard, back to you. >> kayla, thank you. >>> the country's second largest school system plans to order ipads for every student. the los angeles board of education approved a $30 million multi-year purchase. the first order, 31,000 ipads. the district has some 640,000 students, grades k through 12. the names george zimmer may not ring a bell but this ad certainly will. >> you're going to like the way you look. i guarantee it. >> zimmer
.s. economy, but there would be a road map for when they would stop doing that. the u.s. economy was strong enough to get on its own two feet and unemployment rate got back 7%. take their foot off the accelerator is the way the fed chief put it. overnight, world markets started to react saying all the markets that had benefitted from the big flood of fed money into the world economy and all markets having a pull back to what would be the reality when the fed is not in the game. you see the dow down about 69 points right now and down 72. we'll continue to watch. we have seen triple-digit declines the last six or seven days in a row, carol. >> then it goes right back up. such a weird thing. >> very volatile and i'll let you know how this is playing out and whether they can absorb it all right today. >> thank you, christine. >>> other stories we're covering this morning. senate negotiators are expected to announce a deal today on an immigration reform bill that would increase border security as cnn first reported yesterday. the plan would double the number of patrol officers from the current l
. this is singapore's central business district, the poor sink -- pulsing heart of singapore's economy, but today, you see the building stranded and smoke. there is a dry, accurate taste in the air. you can feel it in the back of your throat. -- there's a dry, accurate -- there's a dry, acrid taste in the air. his is where the fumes are coming from. hotspots on the indonesian island of sumatra where farmers use/and burn techniques to clear the land -- use slash and burn techniques to clear the land. >> ideally, we would like the fires to be put out. if any of these fires were illegally started, then whoever is responsible for them to be brought to justice. for the long term, what we need to do is cooperate with the indonesians as we have been to work on developing sustainable agricultural practices. >> the cost of the smog is yet to be counted, but it could be in the billions. had economichaze costs estimated at more than $9 billion and reportedly made 20 million people ill across the region. looks ugly there in singapore. you are watching "bbc world news america." still to come -- what do this briti
national security but invests in the economy. it's more about who we are. i'm very hopeful. >> senators get back to work on capitol hill behind me in this 15 minutes. we expect to hear from senator reid. back to you. >> joe biden is one in the immigration leading the charge for this. >> it's time to provide a fair, reformed unfettered pass to citizenship for $11 million undocumented immigrants. >> he spoke at a awards banquet in las vegas and says this is part of the future of america. >>> and san francisco state senator leland yee will hold a news conference in support of immigration reform. he will unveil a measure that pardons 11 million immigrants and branses them similar immigration rights as same-sex couples. >>> a new volunteer center has been launched for sierra lamar. they've moved to central high school. it used to be at burnett elementary. sierra's father, steve, made the move will allow volunteers to rico -- refocus on finding her. now, antolin garcia-torres has been charged with her murder. >>> a shooting happened about 10:00 at 6th and natoma. the victim was shot twice but is
than 500 points lost in 48 hours as economists tell us that the economy is finally on the mend. what's going on here. rebecca jarvis leads us off. >> reporter: today's big drop is part of a roller coaster week for your money. the dow up or down triple digits every day. so what's driving the volatility? actually, good news. >> we are stronger, we are. our economy is getting better. >> reporter: the best month for existing home sales in three and a half years. and improvement in jobs. all of this means there's less need for this man, fed chairman ben bernanke to keep pumping billions into the system. >> the easiest way to say is that we have had training wheels on our economy for quite some time now and now we're getting word that these training wheels are going to have to come off, slowly come off and we're going to see if we >> reporter: the uncertainty also leading to higher mortgage rates, now above four percent for the first time in a year. but still some of the cheapest borrowing in history. for example, in california, the turnbull family can buy their dream home for about $2,000
: investors say the storm is, in part, because of some good news about the economy. last month, employers added 175,000 new jobs with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession mean he is the federal reserve could pull back on its stimulus pro, which has pumped billions into the system to help drive growth. >> our economy is getting better and now it's time for us to see how we can do it on our own. >> reporter: potential shift by the fed has shaken some investors who feared the economy is not as strong as it seems. some also worry record low interest rates could disappear. already, mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming deterrence with the new reality. >> once we get through that period, i think we are going to realize that we are going to be okay and things will get back to normal. >> reporter: now, financial advisers say the best advice for average investors not to panic, to stick it ou
to back off of this government program that has helped push the economy along and that has sent the markets in a tail spin. he used the word "taper", he's going to taper the program. what does that mean? well, imagine the economy to be like a kid trying to ride a bicycle after a spill, trying to get back on balance. the fed has been helping out to steady and push him along with about $85 billion a month in stimulus. ben bernanke has been looking at numbers saying housing is up almost 7% in may, unemployment 7.6%, not getting better but not getting worse, gdp, 2.6%, all of that he's saying is that all of this that is good enough that the government can start backing off and let the economy stand on its own a little more. i'll be there. if it gets in trouble, i'll step in and save it, it will be okay, there is what we should do. so why are the markets so troubled? partially because they're looking at the same numbers and they are not as confident. their sense is that if you step away from this economy right now and try to let it ride on its own, in fact you could have a lot of wob
we've got to get the economy jumpstarted and back on track in a manner that is sustainable for the programs that we all care about. one of of the ways to clearly do that at the -- at the cbo has indicated, and this is a nonpartisan operation, is to pass copperheads if immigration reform that provides an additional piece of evidence as to why this is so significant for us to get done and to get done sooner rather than later. ,ost: congressman jeffreys what is another issue, before we go to calls, that you focus on or that you think the congress should be addressing? i think we have to do with the gun violence problem we have in america. it is, katie, i understand that, but certainly as americans focus on the problem, and the aftermath of the tragedy in newtown, connecticut, the issue that we confront in the district, i represent a very urban district that has several neighborhoods in east new york,: the island, brownsville, that in the last several decades have gunrienced issues in violence. almostevery reagan, -- every weekend, there is an issue that has resulted from an il
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
the current economy as poor. but the poll also indicated a positive trend. the number of those who rate the economy as good has grown steadily since the end of last year of nearly 10% from last december. overall, optimism that the economy will improve his split almost down the middle. 50 percent predict they will not be better off a year from now, 49 percent say things will get worse. dunkin donuts is going to look in freeing--gluten free. sort of. the breakfast chain says it plans to offer gluten-free cinnamon sugar doughnuts and blueberry muffins by the end of this year. gluten is the major protein found in grant like wheat, barley and rye, as well as in some deli meats and other packaged products. for people with a condition known as celiac disease about 1% of the population, even small amount of gluten can prompt severe discomfort. the house is preparing to vote on whether to cut federal lee subsidized crop insurance that helps farmers when they lose crops or revenue. --federally subsidized. the amendment would limit government help for crop insurance paid to what the farmers and al
that they are not getting what they deserve from the government of the world's sixth largest economy. shepard? >> shepard: steve, these nationwide protests are reportedly some of the biggest demonstrations since the end of brazil's dictatorship back in '85. the country's military regime lasted for more than two decades back then. during that time, violent clashes often broke out between protesters and police. really not sense. authorities in turkey have banned large gatherings all together after weeks of violent antigovernment protests in a key city. so it's come to this. one man trying a peaceful solo protest and there he is. the guy on the right in the white shirt, stood alone for many hours last night. at istanbul's taksim square. stood there and stared. stared aportrait founded turkey as a secular state 90 years ago. many claim turkey's current leaders are forcing islamic agenda on them as word of this standing guy got out. several others stood just like him in different parts of the country. turkish officials say they will take no action as long as these silent protests cause nobody any harm. here a
scaling back later in the year. if the economy continues to improve. peter barnes with the news live in washington. that's a stupid reaction, peter. >> well, shep, the feds said that it could be getting ready to scale back the easy money policies that wall street really likes. it's been using them for the last five years to help keep the economic recovery going after the great recession. and for starters, it said it could slow its controversial 2.5 trillion-dollar bond buying program known as quantitative easing. basically printing new money. qe has helped keep interest rates low foruto loans business ratings. the feds said it could start buying fewer bonds if the economy gets better and that unemployment rate keeps falling and then maybe it could stop qe all together next year if the rate gets close to 7%. >> the 7, 6.5, these are guide posts that tell you how we are going to be shifting the mix of our tools as we try to land is ship on a, you know, on a smooth -- in a smooth way into the -- unto the aircraft carrier. >> so just the idea that easy money could be ending soon, spooked
from breaking away from oil-rich psychos who have us under their thumbs. it prevents our economy from growing by fracking and it leads to corruption in green energy, which is nothing more than the mafia with hemp. >> david, seriously, he was in berlin and he wants to talk about climate change? >> this is called governmenting by fox checking. nuclear disarmament, check. climate change, so important that this speech was given in the fifth year of his two terms. these are all things that he's talking about in europe that are never going to get done here. what he could do that would be an amazing thing for america would be the keystone pipeline. and also a universal rule for natural gas fracking, which would allow us to actually not just change our economic position in the world, but our socioeconomic position and the power. bob isng so miserable. >> but i do think that it was, it really was just, okay, i've got to get this off my plait, hollywood's breathing down my neck, i'm going to talk about climate change so everybody here in berlin will give me a high fall. >> i'm going to call my
think that leadership of the house recognizes that immigration reform would be good for the economy and good for their branding as it relates to the latino community and if they want to have a chance to get the white house next year as senator lindsey graham talked about, i think that they understand that the leadership level that this is a real goal that they want but i think they are going to have trouble work with their base in the caucus but i'm convinced that the momentum that could be gained by a strong vote in the senate would be with the ground swell of public support. it's very clear in poll after poll that the american people want this issue solved. they want a resolution on this. this is a win-win for the country and i think people see on the economic benefits as well, what you're hearing in those extreme voice by house members is just not consistent with the broad feelings of the american people have said they want in terms of this issue. >> thanks so much. >>> thank you. >> alex, susan, we've seen this, the republicans who have been on the forefront of this, some taking
of this is because the economy and europe and america is still staggering in a lot of ways and when leaders like this are dealing with staggering economy at home, it's really hard to bring these issues to an international setting. >> let's look at it one other international setting with is immigration reform at home. speaker boehner will set a clear line saying he'll do the majority. the majority rule which for a lot of us means the house republicans are going to have the final word on immigration reform. do you think from your political analysis down there in d.c. that this is real and that this is a true line that's being drawn or is this a desire by him to exert leverage now while the senate is moving so he could get something he could move through the caucus. >> think he's drawing the line in the sand right now saying if the senate doesn't put in very big effort on border security, huge issue for house republicans and many senate republicans, conservative senate republicans, this won't stand a chance in my caucus. boehner has to do this because he's violated the guideline that says you can't
, talking about pumping money into the economy to keep interest rates low. we have all gotten pretty addicted to ben's drugs. we are oon round three of what i call pumping money into the economy, they call quantitative easing with their noses in the air. you can see each of the new rounds has caused stocks to move higher. as they started to end stocks fell and back up against. starting later this year the fed will start taking the drugs away. outfront ben white chief economic correspondentic. so he comes out and says things are getting better. >> and the stock market tanks. >> americans say they are worse off now than they were a year ago. that is more than say they were betterer off. what does today's news mean for people with a nest egg and a house under water. >> people with a house who want to refinance should probably do it because interest rates will be going a little higher if the fed stops this drug giving to the economy. if you are going to refinance do it now. a new home purchase do it sooner rather than later. in terms of stocks hold on to them. wait this out. it is going
is because ben bernanke said we might taper back from this printing. >> we might end it if the economy gets better. i don't believe they're really going to do this. >> steve: you don't? >> no. i don't think ben bernanke will be replaced by janet yellen who is into printing money. i think they will not allow the obama economy to rest on its own. they will keep printing money to keep this feeble economy. if you stop printing money, then all the impact of obamacare, higher taxes, all the regulations that this president has imposed, those chickens come home to roost and forget about the 3% growth. we'll have 1% growth if we're lucky. >> steve: we probably have 3% growth because of this printing of the money. >> right. >> steve: i know you don't think it will happen any time soon. but if it did happen next month what, would happen? >> if he stopped printing money next month, the market would go down to 12,000. i've been on tho thank show and i said if he keeps printing money, there is no stopping it. >> steve: you say 20,000? >> if he keeps printing, dow 20,000 in the next couple years is feasib
-thirds of americans rate the current economy as before. the poll also indicates a positive trend: the number of those who rate the economy as good as ground steadily since the end of last year-up nearly 10% from last december. overall, optimism that the economy will improve is split almost down the metal. 50 percent predict they will be better off a year from now, 49 percent say things will get worse. >> if you think about starting a business, calif. just might be the state for you. according to the kaufman index of entrepreneurial activity and a list of 10 states saw more start of activity than anywhere else nationwide. here is a look of the top 5- montana, vermont, new mexico, alaska, and mississippi. coming in at no. 6 is california. in 2012, the state had a starting rate of 410 per 100,000 adults. the coffin index says that california has major advantages including a strong talent base, an estimatestablished network of venture-capital, a big consumer market, and top not to private and state research schools. a government analyst says the merger of american airlines and u.s. airways would reduce c
to continue the discussion on the economy but the conversation was disrupted by a dramatic turn of events in syria. the obama administration announced on thursday that they'll begin to arm the syrian rebelsful the about face came after confirmation that the embattled president bashar al assad has used chemical weapons against his own people. we learned more about the carnage as the u.n. announced more than 90,000 men, women and children have died in the 2-year-old conflict. a staggering loss of life but one that so far has not swayed the american people that this is a war worth fighting. a recent nbc "wall street journal" poll showed the american public is still extremely hesitant to intervene in the conflict. with nearly one in four americans saying, we should satisfy no action at all. asked to pick a response to stop the killing of civilians in syria, just 15% say they favor u.s. military action and only 11% want to provide arms to the opposition. by comparison, the pluralality of responses preferred to provide only humanitarian assistance and 24% believe the u.s. shouldn't take any act
but it's not because of gas prices. aaa says the sluggish economy and people are taking less time off. >>> microsoft is reversing course now on its new xbox one game console. users will be able to play games offline without having to be connected to the internet at all. they'll also be able to lend and sell used games. it goes on sale this fall for $499. in the market, stock futures are lower after they got slammed wednesday following comments by ben bernanke that the federal reserve may soon start scaling back its economic stimulus programs. that's if the economy keeps impruchg bernanke says that doesn't mean an interest rate hike is imminent. we will, though, be watching the markets all day today. >>> homeowners can expect to pay a little less to keep the ac on this summer. according to the u.s. energy information administration, milder weather is predicted for the summer to help give some relief to those power bills. the average homeowner can expect to pay about $395 for june, july and august. >>> the second largest school system in the country plans to order ipads for every studen
relentlessly pumping into the economy. >> based on its review of recent economic and financial developments, we see the economy starting to go at a greater pace. >> in the world of the federal reserve thatasses for tony soprano-style drama. stewart varney, the anchor of varney and company. explain what ben bernanke said and why it got such a reaction. >> reporter: ben bernanke threatened to take away the biggest economic stimulus program we have got going for us right now. at the moment ben is printing a trillion dollars a year. he's threatening to reduce that to zero as the mid of next year. the immediate result is bad news for homeowners because interest rates are going up. home buyers. it will be tough to get a reasonably priced mortgage. and your 401k goes down. president obama is stuck. this stimulus has been taken away. he's got obama-care which has been labeled a train wreck. ben is likely to take away a very good stimulus program. martha: we will final out if this improving economy is a emperor with no clothes. what is that going to mean for everybody out there? >> you are asking the qu
pumping into the economy to lower interest rates, encourage borrowing and improve the labor and housing market. when he mentioned that investors knew it couldn't go on forever. hearing it caused a knee-jerk reaction. they thought he's not quitting cold turkey. unemployment needs to improve a little bit more and needs to be more growth in the economy. >> you talked about interest rates. that's a major concern for people, not just when it comes to mortgages, but student loans as well. >> everything you do is tied to the interest rate whether you like it or not. whether you have an existing loan or taking out a new loan. if you have a variable rate those could go up in the near term. they change with the market. if you have a fixed rate loan it stays the same. if you are taking on a new loan make sure you look closely at your mortgage. new mortgages, they also move with the market. we are seeing a 30-year fixed at nearly 40%. it's climbing. if you want take out a new mortgage, it's narrowing. credit cards, student loans, auto loans, other types of debt are tied to the f
and 2011. their take went from 10% to 20% of the whole. we live in a superstar economy. >> e.j., we live in a superstar economy. you base your column in a speech that was actually given by alan krueger at the rock and roll hall of fame in cleveland. talking about the dangers of growing in come inequality. we hear it from the left and the right. alan greenspan says it's one of the greatest threats to american capitalism. what do we do about it? >> there's a number of things we can do about it. i thought the speech was very powerful because how do you get people to talk about inequality. putting it into the context of rock, the theme really is, it's a long way to the top if you want to rock and roll. the difference between the top and the bottom is bigger. i think we're taking some steps already on taxation. i think we need to do a lot more to help people at the bottom end of the economy stay in school longer, go to community college. i think that's part of it. but we also need just a fair bargain between labor and capital. justin wolfer, the economist, put out some charts yesterday that s
the economy offset these gains in some of the financial sectors. shrugging off weakness in the mainland, property place outperformed hong kong helping the hang seng gain 1.2% today. the sector rebounded for the second session after very sharp selloffs recently. so we may be seeing some bargain hunting here. and elsewhere in australia, banking shares helped at the sx 200 reversed earlier losses ending higher by 0.7%. but under pressure, down 0.3%. and some of the southeast asian markets also trading in the green at the moment. back to you, ross. >> all right, catch you later. joining me in the studio, co-ceo of wells fargo financial services. american stocks down three out of the last four, this after good gains this year. is sentiment going to be shifting around now over the next few months as we question the fed and japan? >> undoubtedly we'll continue to see a lot of volatility. just look at this morning. we have the nikkei up 2.75%. today we have the futures up in the u.s. about 1% and within europe, about 0.75%. and i think we'll continue to see that. the question about japan is, do
year and they're concerned what the fed is going to do when they stop supporting the economy probably some time into next year. you'll see this gut check where people are taking money off the table. >> christine romans reporting live from new york city, thank you. >>> six women, six women, just women would decide the fate of george zimmerman and remember race could be a key factor to this case. five of thez women jurors are white. one is described as hispanic or black. opening statements now set for monday. also, today the judge will rule on a controversial voice analysis of the screams heard on this 911 call. >> does he loohurt to you? >> i can't see him. i don't want to go out there. i don't know what's going on. >> do you think he's yelling help? >> yes. >> all right. what is your -- >> all right, you heard the screams in the background. the prosecution wants to show it was trayvon martin's voice. if so, that could hurt zimmerman's self-defense claim in shooting zimmerma eme eme em was unarm aed. >>> also new information this morning in the sudden death of james gandolfini. hotel s
changes to make there, but the really big news on the economy came yesterday. obviously, with ben bernanke. >> joining me is former treasury official and analyst steve rattner. also, we have new york times reporter jeremy peters. good to have you both onboard. we'll start with ben bernanke. he expressed confidence in the nation's economic growth yesterday saying the fed will start to rein in its stimulus program later this year. bernanke laid out the federal reserves plan, which includes tapering off its multibillion bond-buying program until the unemployment rate drops to 7%. the fed expects that to happy the middle of next year. >> that's great news, right? >> in some way. >> so that's the good news. what bad news could there be from that, steve rattner. >> i think we'll find out. >> the fed will also hold off on raising interest rates keeping them to near zero until unemployment falls to 6.5%. as for wall street's response, this may be where things change. the markets took a dive as soon as bernanke started speaking. by 3:05 the dow fell 140 points closing the day down more than 200, st
of next year which would mean the bond tapering to begin later this year. that depends on the economy doing well enough for the fed to do that. and stocks sold off big time dow down over 200 and overseas markets selling off, gold selling off. the 10-year note up about 2.4% a year and a half high. expect mortgage rates to head higher. mortgage rates are tied to the 10 area note. they have been on the rise of late. freddie mark reports this morning. as far as the economy is concerned a number of reports on that again today and the labor department says first time weekly unemployment claims rose to 354,000 within the range of job growth. if the economy is stumbling along, that is going to force the fed to continue its current quantitative easing plan. it's a perverse way of looking at things. it's a rough start today. dow down 134. nasdaq down 31. s&p lower by 14. michelle and brian, back to you. >> thank you, jason brooks. >>> the key players are still say very little bit ousting of men's warehouse founder and pitchman george zimmer. >> you're going to like the way you look, i guarantee
this year because the economy is improving. it could also mark the beginning of the end of historically low interest rates. right now the dow is down. you see it on your screen, 227 points after falling 206 points yesterday. cnbc's kayla joins us live. kayla, the residuals still from bernanke's speech? >> tamara, i think we're going to be feeling the reverberations from that for a long time. all three averages are down 1.5%. you have gold which investors go to when they sell out of stocks. gold is down, too. you have bonds down also and the interest rates on those bonds are spiking. the ten year treasury is at a yield that it hasn't seen in nearly two years. stocks for their part have retreated. they've lost basically everything they've made in the last two months. you've mentioned it. it's somewhat ironic. a normal observer would say why is everything sell off because chairman bernanke said the market was doing better? there were all of these green chutes and signs up. there was an unprecedented amount by the federal reserve buying bonds, initiating pra ms to help stimulate the economy, an
bunker, and also coming in, michael jackson. and as the century moved to its conclusion with the economy booming, it was madonna, the material girl, and then bruce springsteen, and in the early 21st century, this century of ours in the aftermath of 9/11, it was all about trying to hold things together, especially our families, and our american icon became a husband, a father, a guy from jersey, a crime boss. his name, tony soprano. james lipton is the host of bravo's "inside the actors studio," and paul farhi is with "the washington post." james gandolfini's portrayal of tony soprano, there was one bedrock of truth of everything he did. he was just a family guy trying to hold everything together. in an early first season episode, he was on a car trip to visit prospective colleges with his daughter, who confronts him about his line of work. let's listen. >> are you in the mafia? >> am i in the what? >> whatever you want to call it. organized crime. >> that's total crap. who told you that? >> dad, i have lived in the house all my life. i have seen police come with warrants. i have seen you
by the french and germans? >> on the economy it's pretty good. but there's a whole other part of discomfort, if you will, with some european leaders and it more has to do -- their reaction to president obama is just like any other politician's reaction to a politician that may not be as popular as they once were. president obama, the nsa things do not play well over here. there has been a frustration by some on the left in europe that president obama hasn't addressed the issue of climate change more aggressively. that's always been a much more important issue to europeans than it ever has been in the united states. and you sort of take all of that into account and so there certainly is -- you know, the shine has worn off. two years ago when president obama would come over here, you know, you know, figuratively throwing rose pe petals at his feet. he still has a huge audience a few hours ago in belfast for a speech he gave that was addressing northern ireland youth. he's going to get a huge number of people at the brandenburg gate when he makes that speech on the 50th anniversary of jfk spee
. >>> the british economy is about to get a 400 billion boost thanks to none other that will and kate's special delivery. royal baby sleepwear, booties and much more will be big business for the royal family and for retailers. >>> check out this $3,000 watermelon. these black skin melon grow only on japan's northern island heikedo. >>> three sports radio hosts are fired for crossing the line. allen iverson is accused of abducting his five children, plus an ugly scene involving a foul ball when "first look" returns. all business purchases. so you can capture your receipts, and manage them online with jot, the latest app from ink. so you can spend less time doing paperwork. and more time doing paperwork. ink from chase. so you can. [ engine revs ] ♪ [ male announcer ] just when you thought you had experienced performance, a new ride comes along and changes everything. ♪ the 2013 lexus gs, with a dynamically tuned suspension and adjustable drive modes. because the ultimate expression of power is control. this is the pursuit of perfection. i want peacocks. peacocks? walking the grounds. in tusc
enthusiastically taking a lead role, but the economy and sequestration have done a number on the funding delaying plans. so is the 2018 opening date realistic? >> i think that's a reasonable target date but i guess i would make that a pretty soft date. >> reporter: but nothing worthwhile is easy. this is a vote of confidence in richmond's future and just as important, the children. there are plans to expand the university and lab's involvement in the schools. so one day, richmond's children can aspire to be the scientists at this site. >> they will now have something that represents more of the future than their proud past and we're very proud to be part of that. >> reporter: there will be a community meeting tomorrow so that the lab at the university can tell the public their long range plans and the public can weigh in. we are expected to hear some concerns about traffic in the surrounding area. but allen, unlike many, many projects throughout the in the past, here, people -- throughout the bay area in the past, here people want to see it done and are working together. >> thank you. >>> by the
the bond-buying program. that has pushed the stock market to an all-time high. he predicts the economy is looking up and unemployment will drop to 7%. so he says it may no longer be needed. >>> the federal reserve announcement sent stocks tumbling. the dow dropped 206 points. >>> a free concert featuring michelle shock is a no-go. today the publisher of the san francisco examiner confirmed the june 30th show, which is the day of the city's lgbt pride parade has been canceled. many people were furious about the plan to let her play after she went on an antigay rant at a concert in march. >>> and the announcement today that actor james gandolfini died stunned many of his fans and the entertainment industry. >> yeah, i know. but i'm talking to you here on a human level. >> reporter: actor best known for playing tony soprano died while on vacation in rome. according to the network, the possible cause was a heart attack. fans were shocked to hear about his death. >> he was incredibly gifted, and he was very, very sharing of his art. and he is going to be missed. >> reporter: the actor rose
the overall economy. chairman ben bernanke said it will slow its bond buying stimulus program this year, and end it next year. he said this is possible, because the economy is improving. the fed's program has kept interest rates at record lows. that news from the fed sent the stock markets down across the board. one analyst said any suggestion that the fed will cut its buying is going to be met with a sell-off, which is just a sign of how much investors depend on that program. >>> are you better off now financially? many americans say no. a cnn poll has found 44% of americans say their financial situation is actually worse today compared to a year ago. 36% say they are better off, and 20% say their personal situation is just about the same. only half say they expect economic conditions to be better one year from now. >>> bay area doctors may soon change the way they treat obesity, because of one word, ktvu's heather holmes is live now in oakland with reaction to obesity, now labeled as a disease. >> reporter: the head of the bariatric program here hopes this sends a message, not only to
about every one of us. fed chairman ben bernanke expects the economy to grow and unemployment to fall. but he also signalled today that years of low interest rates that have made it easy for companies to invest and families to buy cars and homes may soon be ending. the dow dropped more than 200 points on that news. the nasdaq dropped almost 40. ton, abc news reporter rebecca jarvis explains what that means to the average american. >> david and sara turn bull are looking at homes in newbury park, california, for their expanding family, hoping to take advantage of record low interest rates. >> because we're at a time where we can buy, we would ideally like to lock in an interest rate. >> but in the last six weeks, interest rates have started climbing. mortgages now above 4% for the first time in a year. up more than half a percent since may. >> people are really thinking that makes a big difference in my monthly payment and what i can afford. >> every 1% increase in mortgage rates makes owning a home about 10% more expensive. >> i like that. >> in real terms, when rates rise a percent,
to moderate the month li purchases later this year. >> it's contingent on the economy improving. unemployment is getting as low as 6.5% next year. that would be nice. currently, it's 7.6%. >>> home prices are rising. enjoy it while it lasts. they rose in may compared to may of 2012. most cities are seeing big, double digit gains. prices in las vegas up 28%. similar moves, san francisco, san jose, phoenix, they were hit hardest by the housing bust. it's bound to slow down as mortgage rates rise. >>> two of the most famous clothing designers. an italian court says they cheated on taxes. they will not serve time in prison, but do community service oar house arrest. they plan to appeal the verdict. >> revolutionize prison jump suits. >> imagine that. >> we spend a lot of time together now. i spend more time with you than my wife. i have not seen her worked up about anything like that. >> the fed is going to withdraw the stimulus. remember all the terrible words, the fed giving a road map for pulling back the stimulus from the economy. it will be next year. that means you won't have $85 billion a
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